Anonymous wrote:

I consolidated every this year except TIAA which has been a kafkaesque nightmare to get my money out (they are truly the worst). It’s nice to see it all together and balance portfolios etc and less for spouse to keep track off, beneficiaries, putting into trust etc should I kick the bucket .


This is fascinating - I moved mine to TIAA and they were the best to deal with (maybe because they were taking the money?)

I wont go into all the detail but I first had to have my spouse notarize something authorizing me to move the funds. then sent that in and filled out forms with my new brokerage. We sent those in, but they rejected them saying they needed a 'wet' signature. We did that. Then they said that they can't roll them over directly and I have to roll them into a different IRA first with TIAA and then roll them over. I did that. Then nothing happened. We checked in and they said that I needed to fill out another form, which seemed to be an electronic version of the same form I had done recently with the wet signature. but okay. So I did that. Nothing happened. I called recently and they said they had "no idea" why. I was assigned a case number and name and told I would hear within 48 hours. I have heard nothing and contacted the case manager 3 times. I have been trying to move this money out since July. So maybe easy to move money INTO but not out of. My brokerage says that they have always been difficult, but that my experience has been the worst so far that they have witnessed.

Anonymous wrote:

Anonymous wrote:Most people suggested consolidating. Are you worried about insurance coverage up to 500K? Some companies claim to have additional coverages, but what happens when many companies are in trouble? I know the probability is low, but you never know. Thoughts?

All the major brokerages have excess SIPC coverage. If Fidelity, Vanguard, and Schwab all fail at the same time, money will not do you any good. Only water, food, and ammunition will be of any value.

FPYCparent wrote:I don't know if the "Rule of 55" automagically applies to all workplace retirement plans. Each employer has the option to make this a feature of their plan, but I don't think it is a hard requirement.

https://www.investopedia.com/rule-of-55-5324286